Alpha Wave Ventures Sells $222M Lenskart
Alpha Wave Ventures sold a 1.7% stake in eyewear retailer Lenskart for ₹1,856.8 crore via block deals. The shares were bought by major domestic and international institutions, including the National Pension System Trust.
Alpha Wave Ventures has sold a ₹1,856.8 crore stake in omnichannel eyewear giant Lenskart. The venture capital firm offloaded 2.94 crore shares at ₹630 apiece in multiple block deals, according to data from the National Stock Exchange (NSE).
A consortium of large financial institutions purchased the shares. The National Pension System (NPS) Trust emerged as the largest buyer.
Major Buyers in the Block Deal
The block deal saw significant participation from domestic pension funds, insurers, and global financial firms. The NPS Trust purchased 78.6 lakh shares for nearly ₹495 crore. Other major buyers included Bajaj Life Insurance, BofA Securities, Edelweiss, Goldman Sachs, HDFC Life Insurance, Kuwait Investment Authority, Morgan Stanley, Societe Generale, and Susquehanna.
Specific purchases from other entities were also disclosed. ICICI Prudential Mutual Fund bought 60.3 lakh shares for ₹380 crore. Whiteoak Capital MF bought shares worth nearly ₹100 crore, Redwheel acquired stock worth ₹65 crore, and Morgan Stanley purchased shares worth ₹69.3 crore.
A Trend of Early Backer Exits
This sale is part of a broader trend of early investors reducing their holdings in Lenskart. With this transaction, Alpha Wave Ventures has offloaded nearly 1.7% of its stake. The firm held a 3.42% stake, or 5.9 crore shares, in Lenskart at the end of June 2026.
Alpha Wave is not the first early backer to sell recently. Just days ago, SoftBank sold Lenskart shares worth ₹2,887.9 crore. Last month, Temasek offloaded a 2.05% stake for ₹1,934 crore. In June, the Abu Dhabi Investment Authority (ADIA) sold 4 crore shares in a block deal worth ₹1,960 crore.
These exits coincide with a strong uptick in Lenskart's share price. The stock has jumped 14.6% in the past month and is up 41.2% on a year-to-date basis.
Strong Financials Drive Brokerage Optimism
The share price strength follows Lenskart's robust first-quarter results for the 2027 financial year. The company's consolidated net profit surged 273% year-on-year to ₹228.4 crore. Its operating revenue jumped 43% year-on-year and 8% quarter-on-quarter to ₹2,714.2 crore.
Multiple brokerages raised their target prices for Lenskart after these results. The revised targets from four major firms are listed below.
| Brokerage | New Target Price (₹) | Previous Target Price (₹) |
|---|---|---|
| Jefferies | 680 | 600 |
| Macquarie | 675 | 625 |
| Goldman Sachs | 715 | 625 |
| Citi | 650 | 600 |
Shares of Lenskart closed the most recent trading session 0.54% lower at ₹636.15 on the BSE.
